Monmouth REIT, New York Community announce new deals; Apollo Global up; GSEs lower

By Colin Hanner

Chicago, March 6 – Quietness was the word of the day in the preferred market on Monday, a market source said, adding that the market was relatively flat and volume was light, though a few new issues were announced.

The Wells Fargo Hybrid and Preferred Securities index closed down 5 basis points. The U.S. iShares Preferred Stock index was down 1 bp.

Monmouth Real Estate Investment Corp. announced Monday that it will sell an add-on to its 6.125% series C cumulative redeemable preferreds (NYSE: MNRPrC), which were down 53 cents, or 2.13%, to $24.40. The issuer will use the proceeds to call its 7.875% series B cumulative redeemable preferreds (NYSE: MNRPrB). Those preferreds fell 15 cents, or 0.59%, to $25.35.

RBC Capital Markets, BMO Capital Markets and J.P. Morgan Securities LLC will run the books.

Late in the day, New York Community Bancorp, Inc. announced it intends to offer a new series of fixed-to-floating rate non-cumulative perpetual preferreds, according to a news release.

Goldman Sachs & Co., Credit Suisse Securities (USA) LLC and BofA Merrill Lynch will run the books.

In recently priced deals, Apollo Global Management LLC’s $250 million of 6.375% series A preferreds – trading under the temporary ticker “APLMP” – were quoted at $24.82, a market source said, adding they were 5 cents better on a volume weight average basis.

In the secondary market, government-sponsored enterprises Fannie Mae and Freddie Mac were active and lower.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.